Sunoco may sell refinery stake to Carlyle

SteveGelsi

NEW YORK (MarketWatch) -- Sunoco Inc.
SUN, +1.81%
said Monday it's in discussions with private equity firm The Carlyle Group about setting up a joint venture for its 330,000-barrel-a-day refinery in Philadelphia. Sunoco, which has placed the facility on the selling block, said it would emerge from the deal as a minority owner in the joint venture. Carlyle would contribute an undisclosed amount of cash and would become the operator of the facility. Sunoco said there could be no assurance that the two companies would come to an agreement. Sunoco said it plans to operate the refinery through the end of July. If no deal is reached, the company will begin shutting it down in August. "The facility has been operating at a significant loss for some time, and we are exploring every avenue to create a viable plan," Carlyle said.

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